Although it has also been rumored to be an acquisition target, after the recent sales of AdMob to Google (GOOG) and Quattro Wireless to Apple (AAPL), mobile advertising firm Millennial Media is doing some buying of its own.

That would be its just announced acquisition of TapMetrics, a San Francisco-based mobile analytics firm.

Baltimore-based Millennial is one of the larger mobile ad networks in the U.S., but will surely need more scale in the current period of consolidation if it is to stay independent.

Millennial has raised just over $37 million in venture funding, including a $16 million round in November, from firms such as Bessemer Venture Partners, Columbia Capital, Charles River Ventures and New Enterprise Associates.

Terms of the transaction to buy TapMetrics–which has only raised a seed round–were not disclosed.

Here’s the official press release:

MILLENNIAL MEDIA ACQUIRES TAPMETRICS
Adds Deep Cross-Platform Mobile Analytics Capabilities to Existing Developer Program

SAN FRANCISCO, CA, and BALTIMORE, MD, February 23, 2009–Millennial Media, the largest independent mobile advertising network, announced today that it will acquire TapMetrics, a San Francisco-based mobile analytics firm, focused on application usage and behavior.

TapMetrics software suite provides detailed analytics to enable developers to better manage their application sales and revenue in a sleek, intuitive dashboard. By adding TapMetrics, Millennial Media will offer developers more capabilities across mobile platforms:

• Real-Time, Highly Detailed Analytics
• User Interaction Information
• Feature and Version Adoption
• Device Types
• Crash Reporting
• Competitive Ratings System
• Buzz Tracker & Reviews

“The market has recognized Millennial Media as the leader in mobile advertising. As a result of their deep commitment to advertisers, they deliver the best business partnership and monetization for mobile companies–particularly developers,” said Chris Brown, Co-Founder and CEO, TapMetrics. “What is exciting to us is that Millennial Media now has the only scalable solution for developers that doesn’t contain an operating system bias, making Millennial Media the natural partner for us.”

“When we raised our growth round of financing in November, we stated that we would make investments to accelerate our growth,” said Michael Avon, Executive Vice President and Chief Financial Officer, Millennial Media. “We are acquiring TapMetrics, because the company shares our approach to serve the needs of developers, regardless of mobile platform. In addition, TapMetrics’ data and analytics capabilities complement our company’s own focus and development plans. We continue to actively evaluate other potential acquisitions to further expand our business.”

Millennial Media operates the leading mobile advertising platform worldwide. Since adding $16M to its strong cash position in November, Millennial Media has expanded its offerings to key customer segments, to include OEM and platform partnerships that seek to access its strong base of developers and publishers. Additionally, Millennial Media’s employee base has grown by more than 20%, as it continues to expand operations in the U.S. and Europe.

On February 16, 2010, the company released other key 2009 year over year mobile advertising growth figures, including:

• Brand business grew 756%; Performance business grew 171%
• Average deal size increased 353%
• Non-U.S. impressions increased 175% year over year
• 357% increase in Apple OS impressions
• 90% increase in RIM OS impressions
• 81% reach of the Mobile Web users

For more information on growth statistics, please visit www.millennialmedia.com/research and download the full 2009 Year in Review.

Millennial Media is headquartered in Baltimore, Maryland; and has offices in New York, Los Angeles, San Francisco, Chicago, Atlanta, and London. TapMetrics will continue to be based out of its San Francisco headquarters. Terms of the transaction were not disclosed.

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